Bank of Nova Scotia Sells 285,201 Shares of Amcor PLC (NYSE:AMCR)

Bank of Nova Scotia trimmed its holdings in shares of Amcor PLC (NYSE:AMCR - Free Report) by 61.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 180,851 shares of the company's stock after selling 285,201 shares during the quarter. Bank of Nova Scotia's holdings in Amcor were worth $1,754,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Marshall Wace LLP boosted its stake in shares of Amcor by 303.9% during the 4th quarter. Marshall Wace LLP now owns 8,699,610 shares of the company's stock worth $81,863,000 after purchasing an additional 6,545,689 shares during the period. First Trust Advisors LP lifted its stake in Amcor by 474.7% in the fourth quarter. First Trust Advisors LP now owns 5,402,490 shares of the company's stock worth $50,837,000 after purchasing an additional 4,462,367 shares during the last quarter. Invesco Ltd. boosted its position in shares of Amcor by 16.0% during the fourth quarter. Invesco Ltd. now owns 30,425,121 shares of the company's stock valued at $286,300,000 after buying an additional 4,199,209 shares during the period. Point72 Asset Management L.P. bought a new position in shares of Amcor during the fourth quarter valued at approximately $31,485,000. Finally, Eminence Capital LP bought a new position in shares of Amcor during the fourth quarter valued at approximately $27,065,000. Institutional investors own 45.14% of the company's stock.

Amcor Stock Up 0.3%

Shares of Amcor stock traded up $0.03 during trading on Friday, hitting $9.67. 15,437,621 shares of the stock traded hands, compared to its average volume of 28,842,420. The company has a current ratio of 1.70, a quick ratio of 1.16 and a debt-to-equity ratio of 2.24. The stock's fifty day simple moving average is $9.38 and its 200 day simple moving average is $9.53. The firm has a market cap of $13.98 billion, a P/E ratio of 17.27, a price-to-earnings-growth ratio of 1.21 and a beta of 0.74. Amcor PLC has a 52-week low of $8.37 and a 52-week high of $11.48.

Analyst Ratings Changes

A number of brokerages recently issued reports on AMCR. Jefferies Financial Group started coverage on Amcor in a research note on Wednesday, July 2nd. They set a "buy" rating and a $12.00 price target for the company. Wells Fargo & Company lifted their target price on Amcor from $10.00 to $11.00 and gave the stock an "overweight" rating in a research report on Friday, July 18th. Truist Financial set a $11.00 target price on shares of Amcor and gave the company a "buy" rating in a research note on Friday, July 11th. Raymond James Financial started coverage on shares of Amcor in a research note on Tuesday, April 22nd. They issued a "market perform" rating on the stock. Finally, UBS Group upgraded shares of Amcor from a "neutral" rating to a "buy" rating in a report on Thursday, June 26th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Amcor currently has a consensus rating of "Moderate Buy" and an average price target of $11.51.

About Amcor

Amcor plc develops, produces, and sells packaging products in Europe, North America, Latin America, Africa, and the Asia Pacific regions. The company operates through two segments, Flexibles and Rigid Packaging. The Flexibles segment provides flexible and film packaging products in the food and beverage, medical and pharmaceutical, fresh produce, snack food, personal care, and other industries.